LRWC income surges to P97.29M

Listed gaming firm Leisure and Resorts World Corp. (LRWC) reported a 108.6-percent jump in net income for the first nine months of the year to P97.29 million from only P46.64 million the previous period, boosted by higher sales from its bingo and Internet gaming operations.

Based on financial statements filed with the Philippine Stock Exchange, LRWC registered revenues of P2.4 billion, up 17.6 percent from P2.04 billion a year ago.

Net revenues (gross revenues less franchise and regulatory fees) grew 21.29 percent to P1.74 billion from only P1.43 billion in the same period last year. Of this, net revenues for the third quarter was at P591 million or an increase of 18.2 percent from P500.55 million a year earlier.

E-bingo total sales amounted to P114.6 million and P346.96 million in the third quarter and nine months ending September this year, both up two percent and five percent, respectively, due to the increase in the number of E-bingo machines.

From July to September this year, the company had installed an additional 135 E-bingo machines, bringing its total machines to 1,141 in 30 bingo parlors.

Revenues from Rapid Bingo, which was launched only in August 2005, reached P216 million for the first three quarters of the year compared with only P5.41 million the previous period. This accounts for 8.99 percent of the company’s total gross revenues.